London financial expert, CEO of NEX Group, Michael Spencer, was among those financiers who consider Bitcoin a bubble. Nevertheless, he believes that the price of Bitcoin will reach $ 20,000, and only after that, it will sharply go down. In an interview with Guy Johnson on Bloomberg TV in London, Spencer said he had no idea if the Bitcoin price would double before it halved, but noted that the $ 20,000 level could be reached "damn fast." Johnson called the growth of Bitcoin, which exceeded the $ 11,000 mark last Wednesday, "irrational."
In July of this year, Spencer said that instead of Bitcoin he prefers Ripple and Ethereum, and that he will probably create NEX trading platforms for cryptocurrency.
However, he rightly pointed out that the problem of any bubble is that you do not know if the price will double before it crashes. As of this morning, XMR was trading at roughly $224 with a market capitalization of roughly $3.4 billion, according to data from CoinMarketCap.
Those behind the Project Coral Reef project are betting that the currency's privacy features will make it more attractive for mainstream users, particularly in light of major data breaches like the one reported by Equifax earlier this year. "Cryptocurrencies are fast becoming more popular to make purchases, but not all currencies are created equal and not all are as private and secure as people think. Project Coral Reef is a very important step towards the mainstream adoption of Monero," Spagni said in a statement.
"At some point, it's going to go a hell of a long way back down," he said.
Bull markets typically hit a point where everyone is bullish, he said, and he doesn't think bitcoin has reached this point. , SaAcknowledging that bitcoin has broad momentum, Spencer said there are signals that it is not the time to invest in it just because others are doing so.
Spencer, like many other bitcoin naysayers, is optimistic about blockchain's future, noting that it has enormous implications that extend beyond the financial markets.
He said blockchain technology could be used to provide real-time settlement of securities transactions.
The fact that a technology has implications in many industries where it can improve efficiencies does not mean the bull market "can't roll on a bit," he said, hinting at bitcoin. He said there are signals that this is not a time to be "chasing everything the way everyone else is."
Spencer also addressed the volatility of stocks, Brexit and other financial topics. NEX Group's shares tumbled earlier in November after claiming market conditions were creating challenges for its post-trade services and electronic trading.
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